Hong Kong SFC Obtains Global Asset Freeze on Lu Yan Yi, Major Success Group Limited; HK$146.9M Frozen on June 11

According to Guru Club, Hong Kong's High Court issued a global asset freeze order on June 11 targeting Lu Yan Yi, chairman and controlling shareholder of LET Group Holdings Limited and Kai Sheng Holdings Limited, as well as Major Success Group Limited. The freeze, valued at HK$146.9 million, prohibits the respondents from dissipating, disposing of, or dealing with their assets in Hong Kong or elsewhere. The order remains effective until the next hearing scheduled for August 26.

The Securities and Futures Commission sought the freeze under Section 214 of the Securities and Futures Ordinance. The SFC is seeking share buyback orders and the appointment of receivers and/or managers to facilitate asset sales, with proceeds to be used for investor compensation. The substantive trial is scheduled to commence on September 20, 2027.